For the first time ever, the median rent in the US surpassed $2,000 a month in June — and the increases don’t seem to be stopping.
Those rising rents mean households totaling 8.5 million people were in arrears on their rents at the end of August, according to Census Bureau figures. And 3.8 million of those tenants say they are fairly or very likely to be evicted in the next two months.
The combination of rising inflation, the end of most eviction moratoriums and rent subsidy payments, and an extremely low vacancy rate has pushed rents up — and many tenants are leaving.
Also read: Rents in Toronto are likely to rise another 15% over the next six months, experts say
And per MSM this week, utility bills in arrears are soaring